Rivian Automotive (NASDAQ:RIVN) Stock Price Down 4.6% – Time to Sell?

Rivian Automotive, Inc. (NASDAQ:RIVN) shares fell 4.6% on Tuesday . The company traded as low as $10.85 and last traded at $10.98. 12,758,144 shares were traded during mid-day trading, a decline of 67% from the average session volume of 38,385,328 shares. The stock had previously closed at $11.51.

Analyst Ratings Changes

A number of research firms have commented on RIVN. Royal Bank of Canada cut their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Wells Fargo & Company upped their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Friday, February 21st. Sanford C. Bernstein began coverage on Rivian Automotive in a research report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price target on the stock. Benchmark initiated coverage on Rivian Automotive in a research note on Monday, December 9th. They set a “buy” rating and a $18.00 price target for the company. Finally, Mizuho increased their price objective on Rivian Automotive from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Friday, February 21st. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $14.87.

Rivian Automotive Stock Performance

The business’s fifty day simple moving average is $13.28 and its 200-day simple moving average is $12.41. The firm has a market cap of $12.73 billion, a P/E ratio of -2.39 and a beta of 2.04. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. As a group, sell-side analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $13.88, for a total value of $991,434.52. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,983,450.68. This represents a 7.64 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the sale, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 275,357 shares of company stock worth $3,988,140. 2.51% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently modified their holdings of RIVN. Tandem Financial LLC purchased a new position in shares of Rivian Automotive during the 4th quarter worth approximately $25,000. Bank of Jackson Hole Trust bought a new stake in shares of Rivian Automotive during the fourth quarter valued at approximately $27,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Rivian Automotive during the third quarter valued at approximately $28,000. American Capital Advisory LLC grew its stake in Rivian Automotive by 267.6% in the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after purchasing an additional 2,111 shares during the period. Finally, Hantz Financial Services Inc. raised its holdings in Rivian Automotive by 2,636.4% in the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after purchasing an additional 2,900 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.